Exam 7: Simple Interest

Payments of $5100 each due in five, ten, and fourteen months from now are to be settled by three equal payments due today, seven months from now, and eleven months from now. What is the size of the equal payments if interest is 8.75% and the agreed focal date is today?

Hydro One plans to complete a modification with the project start date of March 12. The procurement activities begin on July 6 worth $3.5 million. Calculate the amount the project manager obtains on March 12 to pay for all the procurement, if money is worth 2.5% per year

Five months after Nadir makes an investment into an account with a rate of 0.65%, the maturity value of his deposit is $1822. What was the initial value of his investment?

Calculate the amount of interest if $2000.00 is invested at 6% for 200 days.

Debt obligations of $700.00 due three months ago and $1810.00 due in one month are to be repaid by a payment of $1200.00 today and the balance in six months. What is the size of the final payment if interest is 7.75% and the agreed focal date is one month from now?

You have $4447 invested in a 180-day savings certificate at an interest rate of 3.65%. How much money will you have when the certificate matures?

What rate of interest is paid if the interest on a loan of $7300.00 is $692.71 from June 11, 2014 to April 2, 2015?

What rate of interest is paid if the interest on a loan of $3500.00 is $99.06 from November 14, 2013 to May 20, 2014?

How much must Fred deposit to earn $66 in 7 months at a rate of 1.5%?

What principal will have a maturity value of $61 500.00 at 6.5% p.a. in 17 months?

Jake owed Terry $3690 nine months ago and Jake also owed Charles $4008 three months ago. If Jake wanted to repay both of these debts today, determine the single payments that would full repay the debts. Allow for simple interest at 0.8%.

Debt payments of $800.00 due now and $1400.00 due in five months are to be repaid by a payment of $1000.00 in three months and a final payment in eight months. Calculate the size of the final payment if interest is 6%.

A loan of $1000 taken out on January 1 requires equal payments on February 1,March 1, and April 1. If the focal date is april 1, what is the size of the equal payments at 6.0%?

A loan of $10 000.00 is to be repaid in four equal payments due in three months, six months, nine months, and one year respectively after the date of the loan. Calculate the size of the equal payments if interest is 8.5%.

On June 12, 2013, Frank James opened a low interest line of credit at his bank, with interest at 4.5% p.a. He used this line of credit immediately to pay $5300 of the tuition fee. On what date did Frank James honour the line of credit if he ended up paying $186.20 in interest?

What principal will earn $77.14 interest at 6.65% p.a. for 182 days?

Debt payments of $500.00, $1000.00, $1500.00 are due on March 1, May 1, and December 1 of the same year. If interest is 8% calculate the single payment on August 1 of the same year that would replace the three payments.

How many days did it take for your investment of $4300 to accrue $147 in interest at a rate of 8.12%?

How much money do you have to invest in order to accumulate a total of $4761 in 327 days if you are able to earn 9.52% on your money?

What rate of interest is required for $940.48 to earn $42.49 interest from September 30, 2013, to March 4, 2014?